BAKU, Azerbaijan, October 14. The US, Canada, China, Guyana and Brazil are expected to be the main contributors to the oil supply growth in the world in 2022, Trend reports via monthly oil outlook from OPEC.
At the same time, OPEC expects the production to decline mainly in Norway and Thailand.
Non-OPEC oil supply (including processing gains) is expected to increase by 1.9 million barrels per day to average of 65.6 million barrels per day. This forecast has been revised down by 200,000 barrels per day, compared to the previous outlook, the report noted.
Meanwhile, the OECD supply growth is expected to go down by 77,000 barrels per day, while the non-OECD forecast was revised down by 178,000 barrels per day.
“An upward revision to oil production in Latin America was more than offset by downward revisions to Other Eurasia, OECD Europe and OECD Asia Pacific. In addition, there is considerable uncertainty regarding Russia's liquids output this year,” the report said.
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